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Nanostation M2:

Flashing

IMPORTANT READ CAREFULLY
before make a flashing of any time check you have a lower or equal version of airOS 5.5 because 5.6 or high have changes on the u-boot and cause that you can't recover the stock firmware easily and any change that make on openwrt don't survive after reboot.

Flashing via AirOS web gui

Downgrade airOS to 5.5 or lower via tftp or web and after proceed with the next steps

Once downgraded to 5.5, just go to update firmware and load openwrt-ar71xx-generic-ubnt-nano-m-squashfs-factory.bin image:
and flash the OpenWrt firmware

Flashing via TFTP method

First you need to put Nanostation into TFTP server mode. Turn on Nanostation and keep reset button pressed for 20 seconds, until led light start flashing differently. When you see that odd and even wifi signal leds start turning on and off, you have put Nanostation in TFTP server mode.

Now you can send image from your PC to Nanostation. You need TFTP client that will send file to Nanostation which is running TFTP server. Server is running on 192.168.1.20 address by default.

If you are running Linux on your PC here is how you can send firmware image to Nanostation:

Connect the POE side of the POE adapter into the Bullet M2 (or any other AirMax device).

Continually press any key while the tera-term window is selected. Doing this will interrupt the boot sequence and allow you to enter terminals while the device is in the bootloader.

Once the boot has been stopped, enter the following into the terminal:

urescue -f-e

It is vital that the -f and -e are there. This allows the bootloader to be over written.

Now start the TFTP application on your PC.

Open a command prompt on your PC and use the cd command to navigate to the location of your AirOS v5.5.10 firmware file.

Type the following command in the command prompt:

tftp -i 192.168.1.20 put XM.v5.5.10.24241.141001.1649.bin

You should now see text being written in the terminal screen.

Keep watching the text until it says the device is resetting. When it does reset, continually press any key to interrupt the boot.

When the boot has been interrupted, type the following in the serial console, pressing enter after each line:

mtdparts default
saveenv
boot

The device will now boot. Wait about 2 minutes, and then access the webpage of AirOS by typing 192.168.1.20 in the web address bar.

Login to the page and navigate to the system tab. Upload the same firmware version, AirOS v5.5.10, that you used in the urescue command.

Once the device reboots you will have a non-bricked, perfectly functional, wireless device.

Old boards vs new boards (rumor)

It was rummored that from the beginning of 2014 Ubiquiti has released new model of Nanostaion M2 devices (rumor was that old boards use ar724x chip and that new ones are using ar934x chip). This became true (at least confirmed for Loco M2 in Oct.2016).